Crypto exchange Bitget has released a comprehensive report analyzing the performance and future trajectory of the TON blockchain, with particular attention on its potential separation from Telegram, a process termed “de-Telegramization.” The report offers valuable insights into how TON, initially created by Telegram, is evolving into a more independent decentralized network. Bitget holds a substantial investment in TON and has a vested interest in its development.
The report highlights a key prediction: that TON will eventually distance itself from Telegram due to the ongoing regulatory pressures that the messaging platform is facing. Although the TON blockchain was developed by Telegram and still heavily relies on its extensive user base, there is a possibility that it could begin to chart its own course in the coming months. This expected transition raises questions about how a separation might be achieved, especially given the deep connections between the two entities. Despite this, TON remains a decentralized blockchain managed by its community of Toncoin holders, and not directly controlled by Telegram.
Bitget’s Stake in the TON Blockchain
Bitget’s investment in TON is significant, further underscoring the importance of the exchange’s perspective on the blockchain’s future. The exchange, alongside Foresight Ventures, made a substantial $30 million investment into the network on September 18. Earlier in the year, these two firms had also collectively invested $20 million into TON. This substantial financial involvement demonstrates Bitget’s strong belief in TON’s potential, despite the current regulatory challenges facing Telegram.
The report suggests that Bitget’s outlook on TON’s future may reflect broader sentiments within the TON community. Given the regulatory uncertainties surrounding Telegram and its co-founder, Pavel Durov, there may be a collective feeling among TON stakeholders that the blockchain should begin to establish a more distinct identity. However, even with these challenges, TON has demonstrated remarkable performance in 2024. Toncoin, the native asset of the blockchain, has surged by 140% since the beginning of the year, surpassing the growth of bitcoin, which rose by 44% during the same period.
Toncoin’s Strong Market Performance
Toncoin’s impressive market performance is another crucial aspect of Bitget’s report. The exchange predicts that the asset will continue to outpace bitcoin in terms of growth and could begin attracting interest from institutional investors. Bitget expects institutional investments to come through over-the-counter (OTC) transactions, providing Toncoin with additional liquidity and potentially driving up its value even further.
The strong growth of Toncoin and the TON blockchain has largely been fueled by Telegram’s massive user base, which has played a crucial role in the adoption of TON’s technology. Despite the anticipated move towards de-Telegramization, the messaging platform has been instrumental in the blockchain’s success. For example, TON has recorded over $400 million in Total Value Locked (TVL) due to Telegram-based Mini Apps. These decentralized applications, integrated within Telegram, have provided its millions of users easy access to TON’s ecosystem, significantly boosting the blockchain’s activity and adoption.
Challenges and Opportunities for TON
While Bitget’s report emphasizes the likely future independence of TON from Telegram, it also acknowledges the pivotal role that Telegram has played in building the blockchain’s user base. Whether the broader TON community fully supports this shift remains to be seen, as some users may prefer maintaining close ties with Telegram, given the app’s immense reach and influence.
In addition, the regulatory pressures on Telegram could push the blockchain towards greater decentralization, which would align with the principles of many in the Web3 community. As the ecosystem around TON continues to evolve, the blockchain’s ability to maintain security, governance, and usability without heavy reliance on Telegram will be a critical test of its long-term success.
Despite these uncertainties, the report concludes that Toncoin is positioned for continued growth, with strong institutional interest expected to drive further investment into the asset. The integration of gaming and decentralized finance (DeFi) within the TON ecosystem is another area that could contribute to its future expansion.
In conclusion, Bitget’s report provides an optimistic view of the TON blockchain’s future, highlighting its potential to separate from Telegram while continuing its growth trajectory. With Toncoin already outperforming many other digital assets in 2024, the blockchain is well-positioned to attract institutional investment and expand its influence in the broader cryptocurrency space. Whether or not the process of de-Telegramization will unfold as predicted remains uncertain, but the future of TON looks promising as it navigates its next phase of development.